SOCIZEGURING GUYER LANCIRET DOLLISS-STABRIIN – Crypto Valley Journey Journal

The French large bank Société Générale introduces a stable coin based on its crypto subsidiary SG-Forn. This increases another financial giant into the growing StableCoin market.

Société Générale announced that her subsidiary SG – Forge will launch a new StableCoin called USD Coinvertible (USDCV) on the blockchains Ethereum and Solana in July. The cryptocurrency is fully covered by US dollar reserves, whose custody takes over Bny Mellon. The French bank continues the previous milestone with the euro-based coin vertible and is now expanding its offer with a dollar-bound token, such as Reuters reported.

Stablecoin on a US dollar basis

According to the SG-Forsge Manager Jean-Marc Stenger, the dollar tablecoin is the “logical next step” after the Introduction of the euro variant. The token is regulated as an e-money token under EU law (Mica) and is intended for both institutional and private investors. Care cases include on-chain crypto trading, cross-border payments, currency exchange, cash and collateral management. Public tradability is planned on several stock exchanges.

The StableCoin market is booming, with a market capitalization of around $ 250 billion-dominated by Tether (USDT) and circle (USDC). The step of Société Générale marks the first advance of an established European bank into the dollar-tablecoin area. While so far only 41.8 million EURCV circulate, USDCV is aimed at a higher range. The choice of Ethereum and Solana signals flexibility and strategic use of existing blockchain technologies.

Strategic importance and European positioning

With the dollar stable, Société Générale is established as a European pioneer in the stable coin area. The partnership with BNY Mellon and the reference to mica conformity create trust in institutional partners. At the same time, a draft horse is created for cross-border playments and tokenized financial services that remains competitive to established crypto players like Tether.

The launch of USDCV could mobilize new forces in the global euro area. Other banks, such as Deutsche Bank or Santander, are already investing in StableCoin initiatives and checking tokens as part of European regulation. Combined with a possible US regulation (StableCoin law in the US Congress) could establish an international network of regulated academic stable coins – with a valor for corporate customers, private investors and decentralized applications at the same time.